Iraqi investors have expressed interest in making investments in Bangladesh’s pharmaceutical and leather sectors through joint venture initiatives.
They showed interest when a six-member delegation from Sulaimany Chamber of Commerce and Industry in Iraq met Dhaka Chamber of Commerce and Industry (DCCI) President Rizwan Rahman in the capital on Wednesday, according to a press release.
Various issues, including the business environment, investment policy eco-system, and trade and investment opportunities of Bangladesh and Iraq, were discussed at the meeting.
Sulaimany Chamber of Commerce and Industry Chairman Seerwan Mohammed Mahmood said Bangladesh’s RMG sector may have a good prospect in Iraq.
For smoother communication, he suggested initiating a direct air flight between Dhaka and Baghdad. He said the Iraqi market will be a profitable export destination for Bangladesh.
Seerwan also suggested signing a memorandum of understanding (MoU) between DCCI and Sulaimany Chamber of Commerce.
“There are many projects that are currently not in operation in Iraq and if any Bangladeshi company wants to restart, Sulaimany Chamber will facilitate this process,” he added.
At the meeting, DCCI President Rizwan Rahman said Iraq can import vegetables, potatoes, mangoes and ICT products from Bangladesh.
He also invited Iraqi investors to invest in the economic zones of Bangladesh and thus hire a skilled Bangladeshi workforce.
The DCCI president said the bilateral trade between the two countries in the fiscal year (2020-21) was $57.23 million.
But, there is a huge trade imbalance of about $49.63 million since Bangladesh's export is only $3.8 million against the import of $53.43 million.
Rizwan also said the signing of a double taxation avoidance agreement between Bangladesh and Iraq will encourage investment in the diversified manufacturing and services sector.
DCCI Vice-President Monowar Hossain and members of the board of directors were also present at the meeting.
